Russi, 55, will stay with Ally, one of the largest auto lenders in the U.S., as vice chairman of auto finance until Oct. 1. Photo credit: ALLY
UPDATED: 4/19/18 2:48 pm ET – adds details
Tim Russi, the Ally Financial auto finance president who led many digital initiatives and helped expand the lender’s dealership reach, is leaving the post, effective immediately.
Doug Timmerman, president of Ally’s insurance business, will succeed him, Ally said Thursday in a series of auto finance leadership changes. Russi, 55, will stay with Ally, one of the largest auto lenders in the U.S., as vice chairman of auto finance until Oct. 1 to help with the transition. Then he will leave the company to pursue other opportunities, a statement said.
Russi was a major force behind leveraging Ally’s technology with emerging consumer and mobility trends to poise the company for the future. Over the last year, Ally has announced a number of partnerships and investments with digital retail and mobility companies.
“We love the business model the way it is today,” Russi told Automotive News last month. “We could operate and will operate on that model for as long as consumers and dealers want to operate that way. But, we also see the trends where the marketplace can be more digitally savvy, and we’re embracing all that.”
Timmerman has been president of Ally’s insurance business since 2014.
Throughout Russi’s decadelong tenure at Ally and its predecessor, the auto finance business achieved $328 billion in originations and added 8,000 dealership partners, the statement said. Russi also developed a successful customer loyalty program, it said.
“It’s due in part to his hard work and leadership that Ally is in the position of strength we hold today,” Ally CEO Jeffrey Brown said in the statement.
Russi joined GMAC as COO of North American Auto Finance in October 2008, before the company’s transformation into Ally the following year. GMAC became a bank holding company and took the name Ally Financial Inc. in 2010, resulting from General Motors reducing its stake in GMAC leading up to and as part of its government bailout and bankruptcy restructuring. That year, Russi became Ally’s executive vice president of global auto services for North America.